6.7 % rate for the bailout.

ArtSmart · 28-11-2010 8:41pm

zig wrote: »

Well that depends really, if the 5.8% is average over the 85 billion
, then it seems its far far worse than we thought itd be. But I still dont know if thats true. If someone could clarify that itd be great.

edit: well I guess we'll be paying 5.8 on what we draw so I dont know.

the trophy is mine. MINE I TELL YOU. MY PRECIOUSSESSS

Em, it's 5.8% IF it was drawn down all at once. but that was always the situation - it's a figure on WPS worse possible scenario

the big question is what % of revenue intake will we be paying - each year. so the 5.8 is really a general sense. unfortunately it seems to be variable. it will be a while before we know the exact story, esp the bank thing.

Ray Burkes Pension · 28-11-2010 8:53pm

The interest we're paying in total is 5.8% of 85bn - 4.93bn
Put you take out the 12.5bn that Ireland are contributing out of it then that's 4.93bn interest on 72.5bn which works out exactly to 6.7%.

fergalr · 28-11-2010 8:58pm

Ray Burkes Pension wrote: »

The interest we're paying in total is 5.8% of 85bn - 4.93bn
Put you take out the 12.5bn that Ireland are contributing out of it then that's 4.93bn interest on 72.5bn which works out exactly to 6.7%.

I'm reading that Ireland is paying 17.5Bn towards it (http://www.irishtimes.com/newspaper/breaking/2010/1128/breaking1.html)

Wouldn't that make the interest ~ 7.3% on the rest?

Presumably they aren't counting it like that though, because that A) is very dishonest

sounds like a right shafting?

Anonymous1987 · 28-11-2010 8:59pm

Ray Burkes Pension wrote: »

The interest we're paying in total is 5.8% of 85bn - 4.93bn
Put you take out the 12.5bn that Ireland are contributing out of it then that's 4.93bn interest on 72.5bn which works out exactly to 6.7%.

We are actually contributing 17.5bn, 12.5bn of which is the NPRF, therefore the interest rate would work out at about 7.3% if the 5.8% rate refers to the total 85bn

Liam Byrne · 28-11-2010 9:00pm

Ray Burkes Pension wrote: »

The interest we're paying in total is 5.8% of 85bn - 4.93bn
Put you take out the 12.5bn that Ireland are contributing out of it then that's 4.93bn interest on 72.5bn which works out exactly to 6.7%.

OK - that's better than I worked it out as, because I came up with at 7.25%...... 1.25 x 5.8 = 7.25%

It still shows the level of contempt that they're prepared to show in order to try to make themselves look less bad.

Bob_Latchford · 28-11-2010 9:05pm

fergalr wrote: »

I'm reading that Ireland is paying 17.5Bn towards it (http://www.irishtimes.com/newspaper/breaking/2010/1128/breaking1.html)

Wouldn't that make the interest ~ 7.3% on the rest?

Presumably they aren't counting it like that though, because that A) is very dishonest sounds like a right shafting?

swedens rate is know to be 3% so it gets worse

stoofer · 28-11-2010 9:06pm

Constantin Gurdgiev was saying on the RTE news that it meant that the domestic economy would now need to meet €13bn annually in interest repayments.
If it's almost 5bn from this bailout package, is that 13bn, in total, correct?
Can someone explain how he worked it out?

Mister men · 28-11-2010 9:07pm

Our government are pathetic. Put out a rumour of 6.7% and then reveal it's 5.8% (at best) and think everyone will think fair play to them. What a bunch of parcels.

Festus · 28-11-2010 9:10pm

I wonder how many condoms, if any, were used at that meeting today

Mister men · 28-11-2010 9:11pm

stoofer wrote: »

Constantin Gurdgiev was saying on the RTE news that it meant that the domestic economy would now need to meet €13bn annually in interest repayments.
If it's almost 5bn from this bailout package, is that 13bn, in total, correct?
Can someone explain how he worked it out?

That guy is usually bang on the money and various economists have been saying the annual interest figure will be between 10 and 14 billion so it sounds right. Makes little or no difference the economy is screwed either way.

fergalr · 28-11-2010 9:12pm

Festus wrote: »

I wonder how many condoms, if any, were used at that meeting today

Are you worried about the risks of contagion?

yop · 28-11-2010 9:15pm

All I wonder is now will we still get our cheese, I need my cheese!

K-9 · 28-11-2010 9:22pm

fergalr wrote: »

I'm reading that Ireland is paying 17.5Bn towards it (http://www.irishtimes.com/newspaper/breaking/2010/1128/breaking1.html)

Wouldn't that make the interest ~ 7.3% on the rest?

Presumably they aren't counting it like that though, because that A) is very dishonest sounds like a right shafting?

I think the Examiner journalist mentioned €3.9 Billion interest.

No point trying to justify the 6.7% rumour.

Cancel that particular panic and concentrate on the 5.8% one instead.

Ray Burkes Pension · 28-11-2010 9:23pm

fergalr wrote: »

I'm reading that Ireland is paying 17.5Bn towards it (http://www.irishtimes.com/newspaper/breaking/2010/1128/breaking1.html)

Wouldn't that make the interest ~ 7.3% on the rest?

Presumably they aren't counting it like that though, because that A) is very dishonest sounds like a right shafting?

You know it pretty silly numbers when I misplace 5bn.

Festus · 28-11-2010 9:29pm

yop wrote: »

All I wonder is now will we still get our cheese, I need my cheese!

Who are the cheese eating surrender monkeys now

fergalr · 28-11-2010 9:32pm

Ray Burkes Pension wrote: »

You know it pretty silly numbers when I misplace 5bn.

Ah, I do that all the time.
Whats 5 billion between friends European Partners?

stoofer · 28-11-2010 9:45pm

And when they're talking in billions, is it the UK thousand million or the US hundred million they're using.
I always get confused

MagicMarker · 28-11-2010 9:46pm

stoofer wrote: »

And when they're talking in billions, is it the UK thousand million or the US hundred million they're using.
I always get confused

Well we're not in the US are we?

Liam Byrne · 28-11-2010 9:48pm

MagicMarker wrote: »

Well we're not in the US are we?

No, but we use their "billion" terminology (thankfully).

Liam Byrne · 28-11-2010 9:49pm

stoofer wrote: »

And when they're talking in billions, is it the UK thousand million or the US hundred million they're using.
I always get confused

Well you just made one up there, so I'm not surprised!

UK = a million million
US = a thousand million

Except that in financial terms worldwide the US version is used everywhere.

yermanoffthetv · 28-11-2010 9:50pm

Ray Burkes Pension wrote: »

The interest we're paying in total is 5.8% of 85bn - 4.93bn
Put you take out the 12.5bn that Ireland are contributing out of it then that's 4.93bn interest on 72.5bn which works out exactly to 6.7%.

And the 6.7% is on immediate drawdown, which it wont be. Also the longer the term the higher the rate so presumeably the ECBs thinking is this will keep Ireland on a short leash and encourage them to return to the private bond market asap. These are shocking numbers and is nothing short of economic slavery. There is no chance of meeting the growth targets with money being sucked out of the economy with austerity measures. I was very sceptical of the defalt proposals but fcuk it, if the ECB and the senior bond holders wont share some of the pain I say burn the b@stards and burn em bad :mad:

blue_steel · 28-11-2010 10:01pm

Peddling this 5.8% figure is the final straw. Even at the 11th hour our elected representatives are deliberatly misleading us. They are more concerned with protecting the interests of German citizens than Irish ones. Hard to believe how spineless they are. I think this deal will see Ireland go for one of the most pro-european countries in the union to complete euro sceptics. The German-Franco axis has cut us adrift.

ArtSmart · 28-11-2010 10:05pm

fergalr wrote: »

I'm reading that Ireland is paying 17.5Bn towards it (http://www.irishtimes.com/newspaper/breaking/2010/1128/breaking1.html)

Wouldn't that make the interest ~ 7.3% on the rest?

Presumably they aren't counting it like that though, because that A) is very dishonest sounds like a right shafting?

I assume they mean 5.8 on the 67.5 billion. (hence 3.9 billion repayments)
but tbh, there's something missing.
It will be a few days, before its any way clear. esp the time scales.

melekalikimaka · 28-11-2010 10:09pm

blue_steel wrote: »

I think this deal will see Ireland go for one of the most pro-european countries in the union to complete euro sceptics. The German-Franco axis has cut us adrift.

we have been very anti eu recently before this

ArtSmart · 28-11-2010 10:12pm

Oh, Lenny dont tell me about subordinate bond holders.

greenketchup · 28-11-2010 10:13pm

There definetly seems like theres something their not telling us... it wouldn't be the first time.

If the Euro gets out of this mess, the Germans et al are going to be making a tidy profit on these interest payments.. we were borrowing at about 4.5 ish if memory serves, suppose its better than 9!

kippy · 28-11-2010 10:16pm

melekalikimaka wrote: »

we have been very anti eu recently before this

We havent really.....

Empire o de Sun · 28-11-2010 10:16pm

In fairness I think that the trade off was for a higher rate and then ireland could keep it's 12.5% corporation tax rate.

Other tax payers in other countries aren't happy that they have to borrow money to bail out Ireland when Irelands taxes are so low.

Empire o de Sun · 28-11-2010 10:19pm

greenketchup wrote: »

There definetly seems like theres something their not telling us... it wouldn't be the first time.

If the Euro gets out of this mess, the Germans et al are going to be making a tidy profit on these interest payments.. we were borrowing at about 4.5 ish if memory serves, suppose its better than 9!

Just Germany? What about The Netherlands or France or Britain or Italy or Luxembourge ... etc.

Ireland is making money on the bailout to Greece!!!! Don't forget.

kaiser sauze · 28-11-2010 10:26pm

Dannyboy83 wrote: »

Those are Brian Lucey's figures; See the Vincent Browne show here where he states it:
http://tv3.ie/shows.php?request=tonightwithvincentbrowne&tv3_preview=&video=29656

Yeah, I've watched that show since.

I was getting €350Bn before deducting bank assets.

gandalf wrote: »

5.83% based on current market conditions? Does that mean it could rise higher. My god we have been sold a pup and FF have capitulated our financial sovereignty totally at the worst possible cost.

Exactly, it is likely to go up once the markets go to town again.

indiewindy wrote: »

more nasty ill-informed stupid comments, the nprf was also to fund social welfare pensions

No, social welfare pensions and public sector pensions are currently funded from current expenditure.

Liam Byrne wrote: »

Well you just made one up there, so I'm not surprised!

UK = a million million
US = a thousand million

Except that in financial terms worldwide the US version is used everywhere.

No, a billion is 1 with 9 zeroes after. Full stop.

This was decided back in the 70s, it has not changed since then.

6.7 % rate for the bailout.

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